CBRE today announced it would take over management of Stockland’s office and industrial assets in one of the largest property outsourcing mandates in Australia.
The Stockland portfolio, which includes the Durack Centre on Adelaide Terrace, is valued at approximately $3 billion.
As well as the Durack Centre, the office portfolio includes many prominent landmark buildings such as 133 Castlereagh Street in the Sydney CBD, 601 Pacific Highway on Sydney’s north shore and Triniti Business Campus at North Ryde in Sydney.
The industrial portfolio contains some of the largest industrial distribution centres in the Pacific Region, including Yennora and Brooklyn.
CBRE will provide full integrated property management services for Stockland’s office and industrial assets from March 2012.
The move boosts the size of CBRE’s Pacific Property Management portfolio to more than 3,000 properties with a combined net lettable area of over 15 million square metres.
CBRE Australia and New Zealand president and CEO Tom Southern said the appointment was a true sign of the strength and quality of the firm’s asset services team, which involved more than 500 staff across the Pacific region.
“The pitch process was extremely competitive and involved each of the major commercial real estate service firms,” Mr Southern said.
“It is a privilege to have secured the opportunity to partner with one of the most prominent listed property REITs in Australia.”
